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The
Buyer's Representative Role
A real estate buyer's
representative represents the buyer who is purchasing property in a real estate
transaction. The buyer's representative works for, and owes fiduciary
responsibilities to, the real estate buyer and has buyer's best interests in
mind throughout the process.
WHAT EXACTLY IS BUYER
REPRESENTATION?
Buyer representation or Agency simply
means a contractual relationship between the buyer and his or her agent in the
finding and purchase of their home. While fairly new , Buyer Representation is
becoming well established and embraced all across the country.
HOW DOES IT WORK?
In every Real Estate transaction there
are two sides, the seller's side and the buyer's side. As an agent, we always
represent someone's interest. That someone is the party with whom there is a
contract. So, unless we have a contract with you, the buyer, no matter how
friendly we become, our loyalty and fiduciary responsibilities must be to the
only party with whom there is a contract - THE SELLER!
As a Buyer's Agent, we sign a contract
with you, the buyer. We can then put YOUR interest first, negotiate on your
behalf, and use our best efforts in helping you find the home you want at the
price you're willing to pay.
WHAT ARE THE BENEFITS TO THE BUYER?
With either type of agency, we're required to treat you with honesty and fairness, to assist you in selecting a
property, and to disclose to you any known material defects in the properties
that we show you. But ethically, as the seller's agent we must tell you, the
buyer, not to say anything to us that you would not say directly to the seller.
We're limited to the service that we can provide for you due to our contractual
loyalty to the seller.
However, as your buyer agent, we can
give you our loyalty, and there is confidentiality. We're working in your
interest. As your agent, you can level with us. We become your negotiating and
facilitating teammate throughout the entire process.
WHAT ARE THE DISADVANTAGES TO THE
BUYER?
Arguably, none, but there is a
contractual responsibility. As your representative, we're working in YOUR
interest. But just as a seller has a contract to sell through his/her agent even
if he finds his/her own buyer, you as a buyer client, have a contractual
responsibility to buy your home through us during the time the contract covers,
even if you find a property on your own.
IS IT IN THE SELLER'S INTEREST TO
WORK WITH BUYER AGENTS?
Absolutely! Working with Buyer Agents
provides the home seller with maximum exposure of their home, highly motivated
and qualified buyers, and no liability for a sub-agent's actions or
misrepresentations to the buyer.
WILL IT COST ME EXTRA TO HAVE MY OWN
REPRESENTATION AS A BUYER?
We never say never, but for the most
part, NO! Although signing a buyer contract
makes the buyer responsible for his/her agent's fee, 99 times out of 100, this
fee
(as well as that of the seller's agent) comes out of the proceeds of the sale.
(Remember, both the Buyer and the Seller pay for Real Estate Services when a
transaction takes place-don't let anyone tell you otherwise). Keep in mind, that
we can advise you on how to structure your offer in the event that the seller is
unwilling to allow the proceeds to be used to pay our fee.
Rest assured, that when you work with
us as your agent, you will not be caught unaware or have to pay twice for the
same service.
MORE QUESTIONS? CONFUSED?
You're not alone! Buyer Agency is a
topic that is often misunderstood. As a consumer, it's important to know the
facts and the options available to you. So, please don't hesitate to call us with any questions at all.
Remember, when you're sick you consult
a doctor...
And when you need legal advice, you
consult an attorney.
So, when you're looking to make your
largest investment doesn't it make sense to have a Sturges Realty working for YOU?
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